Due to the delay of the Burning Crusade Expansion Blizzard will introduce a new patch. Patch 1.13 will include some parts of the Expansion. While ther will not be Bloodelfs, Draenei or Level 61+ content Blizzard will give us the new talents and the New Honor System. For that reason the Old Honro System will be completely wiped, and the only thing that will remain is the Rank, which you can show or hide above Your head.
At the World of Raid Forum there is a nice thread with additional information and items (also checkout our screenshot section).